Green light for new 153,000 sq ft Edinburgh office development

Hermes Investment Management is delivering the project, which will comprise 152,623 sq ft of Grade A open-plan office accommodation over eight floors and a three-storey car park underneath the building

Edinburgh Council planners have approved proposals to develop a new 153,000 sq ft office development in the city's Exchange district.

Hermes Investment Management is delivering the project, which will comprise 152,623 sq ft of Grade A open-plan office accommodation over eight floors and a three-storey car park underneath the building.

The development, which will be called Capital Square, will sit within the The Exchange office district on a site comprising the "redundant Skypark building, land owned by the Sheraton hotel and the Capital House surface car park".

The car park will comprise 172 public spaces, 29 spaces for the new offices and 32 spaces which are being relocated from the Capital House surface car park.

The plans for the site also include a new pedestrian route linking Conference Square with Festival Square as well as an upgrades to the Chuckie Pend alleyway.

Capital Square is expected to be completed and ready for occupation by early 2018.

Hermes Investment Management has appointed Andrew McParland of Parlison Properties Ltd as development manager on the project, while Montagu Evans and CBRE have been appointed as office letting agents.

“It is a crucial time in the Edinburgh property market with very little development currently underway despite a strong demand for new and high quality space.

“We therefore believe Capital Square will be key for Edinburgh in addressing this problem.

“We are very proud of the development and are confident it will be well received by the market - not just because of the high quality of the space and the flexibility it offers, but also for its excellent sustainability, design credentials and public transport links.

“It benefits from an enviable location which is not only in the highly desired Exchange district but is also next to the prime retail zone.”